All Forum Posts by: Elias Halvorson

Hi Fay, I don't agree with most finance sites rankings because typically they are pay to play type articles where the lenders listed pay per click. Typically the clowns will list Veterans United as the best VA lender when they are typically are 1.5 pts (or more) higher than the typical mortgage broker. I am a mortgage broker and focus my lending in WA (where I'm from) and Hawai'i where I've lived the past 10 years and would be happy to give you a quote as well. Happy to connect

Quote from @Sino U.:

In search of lender for house hack in Austin area. Would appreciate if you could recommend any good lenders that you have worked with in the past. Thanks!

Aloha Sino, 

id recommend a lender in your local area of Texas. I’d also recommend getting a few quotes, including at least one from a mortgage broker. 

Quote from @Shane Dreffs:

Hi @Jaycee Greene, cash-on-cash return.

I have BRRRR and flip opportunities in the Birmingham area.

 I have someone looking in the Birmingham area. He would be more active though as he will be finding/buying 5-15 properties per month, he would just need help with the rehab. I will push your contact to him if you are looking for rehab work. He is a gc himself (in Vegas) and is pretty savvy so your rehab quotes would have to be competitive. 

Quote from @Leah Miller:

Hello to all,

Need some lending advice.

Was supposed to close on a property on Thursday, with a Fannie Mae conventional loan. Had already signed etc. Bank was supposed to fund Thursday and official closing Friday. On Thursday the lender said they won't fund due to the property being in LA County and therefore a FEMA designated disaster area. The property is nowhere near any of the fires, but the bank won't budge until all fires are completely extinguished and a after disaster property inspection is done! There are no fires within a 10 mile radius of the property!

Is this normal? Or should we be looking for a different lender?

Seller is understandably getting really upset, because what the bank is asking for could take weeks and we were already supposed to have closed.

Any advice

Aloha Leah, 

this is very common as the other lender stated above. Anytime there are hurricanes predicted to hit a state in the area you are closing or fires, all lenders will pause funding/closing. They want to ensure against potentially lending on a property which may be destroyed/badly damaged. 

Aloha Diandre, 

You will get 100 people responding on here responding they can do it and their company focuses on it. My only recommendation is you go with someone local to where you are. Best of luck! 

Quote from @Jeffrey Hill:

Hi Elias, 

Glad to see another Mount Vernon native. :)

Yes, that does all make sense. I don't think we are going to be able to come up with $50K before they're going to need to move and no, definitely no family members able to gift $50K. 

They do seem possibly open to seller financing the difference of $172K. Is there any way that that is doable? Perhaps we "buy" the house from them for the $328K balance to satisfy the lender and don't need a large down payment and then have a separate contract with them to pay $x per month until we've paid the full $172K amount. Have you seen any creative financing like that before?

If the sellers are willing to do that then you could likely do that. You must be pretty good friends - most veterans (including myself) would never let a non-veteran assume their loan b/c the VA loan entitlement is not restored until that loan is paid off. 

Short answer, no - not to my knowledge. You may get EXTREMELY lucky and find one for 15% (if they get approval from management), but you will not find one for 5%. 

I would say the most immediate impact will be higher insurance costs (for the entire nation). Massive hits to insurance companies are not contained to CA and FL, they increase their premiums for the entire nation. You can count on your HOI being raised annually from now until the foreseeable future. 

Hey Jeffrey, 

I am from Mount Vernon (Parents still live out in the Tulip Fields off of Memorial Hwy), but currently live in HI. I do specialize in VA loans, am licensed in WA, and would be happy to help you out at least with advice. Some facts/info you may already know but if not:

1) You assume the loan from the servicing bank, meaning you will work directly with the servicing bank.You assume the loan amount, but still need to come up with the difference of the VA loan amount and the sales price, in your case 172K.

2) No one will finance the entire remaining 172K amount. Some lenders will do a 2nd, up to 89.99% loan-to-value, which in your case would be about another 122K

3) You will still need to pay the remaining 10% as a down payment. How do you come up with this? A personal loan is possible, the problem is banks will see this and it will hit your DTI. Also, most banks will not allow you to "borrow" your down payment, so what you would need to do is get the 50K personal loan and then have it show on your bank statements for two months (without showing the money being deposited, so in reality this could be 3 statements before you have that. Do you have any relatives who could give a $50K gift? One thing to be careful with though is that if you go the personal loan route, you need to ensure your DTI is still fine and you will still qualify for your VA loan assumption AND the second mortgage. Does that make sense?

V/r,

Elias

Quote from @Anthony Sigala:

Is there any way to get around the 1 year employment history requirement for FHA loans?

What is the reason?